Los Angeles daily herald., 1887-05-22
Tn. FINANCES Of Franco.

The Goblet Ministry has succumbed
to the inevitable. The National rep
resentatives, appalled, at the fearful
increase in the budget, refused to
vote for it, and the Ministry had
nothing left to do but retire. Well
may the people of France stand
aehast at the financial problem they
are called upon to solve. On the LIST
of January, 1882, the public debt OF
France amounted to 5000, ,OOO,OOO;
on the 1st of February, 1887, it
reached $7,524 900, 900. Thus, in
seven years the debt has been swelled
TO the tune of 81 ,324 200, ,000-an in
crease of such fearful proportions as
to Justly create alarm for the solvency
of France. 1t was evident to the late
Ministry that to continue piling up
the national debt at this fearful rate
must eventually result in widespread
disaster. There we're two ways out
of it. One was to decrease expenses,
the other was to increase taxation.
Mirabeau in one of his eloquent out
bursts declared "that France can
lfke on crusts to save her honor. J"
The time to practically illustrate that
lively declaration would seem to
have arrived. The taxes are already
as high as the country can bear. A
further strain might lead to more
dangerous complications than even
war would bring. But one recourse
is left-the national expenses must
be cut down. The immense arma-
ment she has been compelled to cre-
ate and sustain, under stress of the
bad blood existing between her peo-
pie and their German neighbors, is
sapping out her life-blood. General
Boulanger's policy has catered to the
popular desire of the French for war
and revenge. But that policy is eating
out the substance of the nation, and
her financial condition will compel a
halt. Besides tie embarassments OF
the fiscal bureau, the French people
are carrying other loads of gigantic
proportions. The Panama Canal has
been sapping the Bourse and the
purses OF the provinces to an ex-
haustive extent. No returns Tor this
immense outlay can be looked for for
years. The Cochin. China war has
also made prodigious drafts upon the
money resources OF France, and
Madagascar has been another drain,
whilst Algeria is constant source OF
expense, without any corresponding
benefits. When nations, like indi-
viduals, find that their bank accounts
balance on the wrong side, and they
have reached the end of their re-
sources, they must, willy-nilly, ac-
cept the situation. TIE wise and the
statesmanlike policy for France to
pursue, would be to suppress her
national desire for war with Germa-
NJ, and proceed to lessen her debt and
garner up her means. This can only
be done by reducing her army or
by cutting out of her budget every
item of civil expense that will bear
excision. Perhaps a position OF toll
erable solvency might be reached by
a iudicious pruning in both respects.
Bot the great trouble is in the public
irritation that compels the mainten-
ance OF an armament in time OF peace
on the scale OF time of actual war.
Either this will be done by an awak-
ening sober sense of the people, or
the nation will drift into another
assignat epoch, only to be followed
by the most appalling consequences.
No financial minister of the present
.lay would dare to assume the respon-
abilities OF the Office under existing |
and go on piling up
.he debt OF the nation at the rate of
100000 900 year. with no prospect
Of meeting it from taxation. Necker
luailed before the financial problems
Of the revolution, great as were his
resources and nerve as a financier.
Neither NJ. Say nor de Freycinet, nor
any financier OF the present time, will
be found to accept the portfolio of the
Treasury without the most positive
assurance that the army shall be re-
luced to peace footing. Better, far
better, war-short, sharp, and deci-
,ive--than the burthens OF war with
,ut the excitations and the chances
Ior national glory which make war
sndurabie. T.
Whilst we have reasoned above insl
he light OF the cold facts of finance, !
We do not ignore the other fact, that